Data Snapshot: Satisfaction with Primary FIs Is Plunging

Overall banking satisfaction among young adults has plummeted to 52%, falling from 64% since 2019. This erosion in traditional measures of banking success might mask deeper issues with how financial institutions engage and serve customers in digital channels. The trend is especially threatening for credit unions and community banks that predominantly serve older customers who are becoming less active financially. Recommendations include rethinking the attention focused on Baby Boomers, promotions and messaging, and the reliance on satisfaction ratings. This report is part of the Digital Banking Data Snapshot series, which examines how banks and credit unions can earn and maximize their hold on primary-FI status in a brutally competitive environment.